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The Australian dollar trended weaker in Asia on Friday with China growth, retail sales and industrial production ahead expected to set the tone.

AUD/USD traded at 0.7556, down 0.07% with China the top trade destination for key commodities from Australia, while USD/JPY changed hands at 115.08, up 0.19%.

In China, GDP data for the fourth quarter of 2016 and the full-year is due with a 6.7% annual pace seen and a 1.7% increase quarter-on-quarter. As well China reports industrial production with a rise of 6.1% seen year-on-year for December and retail sales up 10.7% year-on-year, a tick down from 10.8% the previous month.

Overnight, the dollar held onto gains against the other majors currencies on Thursday, helped by upbeat U.S. data, although investors remained cautious ahead Donald Trump’s inauguration on Friday.

European Central Bank President Mario Draghi acknowledged that the growth outlook for the euro area has improved, but reiterated that quantitative easing can be increased if the outlook becomes less favorable.

The comments came after the ECB left its benchmark interest rate unchanged at a record-low 0.0%, in line with forecasts, and kept the size of its monthly quantitative easing program at approximately €80 billion.

In the U.S., the Department of Labor said initial jobless claims in the week ending January 14 fell by 15,000 to 234,000. Analysts expected jobless claims to rise by 5,000 to 254,000 last week.

The Aussie traded held weaker on Tuesday in Asia after a survey on business with investors also looking ahead to China data sets on retail sales and industrial output.

AUD/USD traded at 0.7550, down 0.28% after the NAB figures. USD/JPY changed hands at 114.85, down 0.03%. GBP/USD traded at 1.2205, down 0.11%.

In Australia, NAB reported business confidence for February came in a plus-7, compared with a previous reading of plus-10, along with the NAB business survey at plus-9, compared with a previous reading of plus-16.

China then reports fixed asset investment for January with an 8.2% gain expected year-on-year, industrial production seen up 6.2% and retail sales with an expected 10.5% increase.

Global financial markets will be busy with central bank meetings in the week ahead, with policy decisions due in the U.S., Japan, the U.K and Switzerland.

Investors were awaiting the outcome of the Fed’s two-day policy meeting on Wednesday, with a rate hike almost fully priced in by markets.

Investors will also keep an eye out for headlines coming out of a two-day meeting of G20 central bankers and finance ministers in Germany for further hints on the strength of the global economy and the future direction of monetary policy.

Overnight, the pound was one the biggest gainers against the greenback, after Scottish First Minister Nicola Surgeon announced in a speech Monday, the Scottish Government will move to hold a second referendum on independence from the United Kingdom.

Australian data overview: retail sales and the RBA's Statement on Monetary Policy:

The pulse of AUD data has been an improvement of late, but that theme is now tired. The RBA was less vocal around the strength of the Aussie recently, with respect to a lack of jawboning that markets had been prepared for. However, with what was to come today, markets were quickly looking ahead again. We have the data released today at 01:30 GMT.
Awaited for RBA Statement on Monetary Policy is released with the Bank’s updated growth and inflation projections likely to be scrutinized in light of the sharp appreciation in the AUD. "The Bank’s statement earlier this week hinted at a possible downgrade, noting that it expects growth “around 3%” versus “a little above 3%” back in May. June retail sales are scheduled too, consensus +0.2%".

AUDUSD: overall the trend is bearish! I have opened a sell trade here in the last swing point mean 0.7902! Here my target level is 0.723; besides I am using 50 pips SL in this trade! Let’s see, what market offers!

On the daily chart NZD/USD, bulls should break the resistance at 0.743 to continue the rally. On the contrary, if quotations are out the uptrend channel, it will strengthen risks of a pullback.

On H1, the pair reached targets of the “Broadening wedge” pattern. The break of the resistance at 0.7365 will activate the “Shark” pattern. This level is in the “dead zone”. A rebound from the bottom line of the uptrend channel will support a sale of Kiwi.

On the daily chart AUD/USD, the exit of quotations from the downtrend channel and the break of resistance at 0.7892-0.7902 will increase risks of the activation of Gartley pattern and the continuation of the pair’s rise in the direction of its 78.6% target. Vice versa, a rebound will let bears continue correction.

On H1 of AUD/USD, the pair reached targets of the "Widening wedge" and the "Shark" patterns. Currently, the “Crab” pattern is being activated. To continue the rally bulls should break the resistance at 0.79, 0.7945 and 0.799.

On the daily chart AUD/USD, the “Wolfe waves” pattern is developing. If bulls manage to return the Aussie to the resistance at $0.7815, break it and take the pair beyond the downtrend channel, risks of the uptrend’s recovery will increase.

On H1 of AUD/USD, the break of the resistance at 23.6% from the last downtrend wave with the subsequent successful hit of the upper bound of the bearish channel will implement “Bat” and “Crab” patterns with 88.6% and 161.8% targets.